Wall Street's main indexes dropped on Wednesday on worries of a prolonged U...
- Wall Street’s main indexes dropped on Wednesday on worries of a prolonged U.S.-China trade war after Washington hardened its stance, but losses were cushioned by a muted reading on inflation that backed the case for an interest rate cut.
“These numbers will add some fuel to the case made by the markets and many analysts that the Fed should cut rates,” said Robert Frick, corporate economist at Navy Federal Credit Union in Vienna, Virginia. “This is a market that would love to see us get back to the negotiating table. The longer these trade tensions last, the most damage it’ll do to the economy, and therefore to earnings,” said Art Hogan, chief market strategist at National Securities in New York.
Banking stocks, which tend to benefit from a higher interest rate environment, slipped 1.05%. The broader financial sector fell 0.8%. Micron Technology Inc, Applied Materials Inc and Lam Research Corp fell between 4% and 5% and were top losers among S&P 500 companies.
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